Bitcoin Has Now Filled All CME Gaps. Will The Markets Finally Turn Around?
Bitcoin has finally filled all CME gaps. The latest drop in price may have a bearish appearance, but the trend is supportive of a bullish factor. Having filled all the CME gaps, the price of the cryptocurrency could be catapulted.
BIG NEWS: #Bitcoin just filled the $7,685 CME gap!
There are now NO MORE GAPS below $BTC
So, we can finally get this bull run started as a safe haven asset!
— The Moon (@TheMoonCarl) March 9, 2020
However, there are also those of the opinion that some gaps are yet to be filled by the cryptocurrency.
There is one gap at $11,790!
Let’s fill it ASAP! 🚀
— Bitcoinsensus (@Bitcoinsensus) March 9, 2020
This may be an indicator that Bitcoin is not yet out of the red.
Hold On to Your Bitcoin
If you were planning to sell the cryptocurrency, maybe hold on to it for just a little bit longer. The panic selling that the market has witnessed may be the cause of the price drop that was realized after the weekend. It may also be the reason why Bitcoin filled all the CME gaps.
The oversupply of willing sellers may have driven down the price of Bitcoin, but it may have also eliminated traders who had no faith in the cryptocurrency. The panic selling may have resulted in the market remaining with only unwavering traders. Going forward, the market requires traders that believe in their assets despite any setback along the path to new highs.
Further, traders need to believe in Bitcoin now more than ever because of panic selling. The potential damage it may have on the price of the cryptocurrency is enormous. Bitcoin can recover from the weekend’s dip, but another panic sell could trigger events similar to those in 2018. A bear market could do irreparable damage to the gains Bitcoin has built over the years.
The market remains unpredictable, with all the factors being considered.
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Sal Miah is the senior editor at Blockspectator News and is a regular contributor to a variety of cryptocurrency news websites and projects. He has written hundreds of articles on numerous topics related to blockchain and also has a special interest in financial markets. Contact him directly at firstname.lastname@example.org